Prudential Teams with Newport Group to Market IncomeFlex to Boomers |
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Written by U.S. Insurance News
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Monday, 18 February 2008 |
As a group, baby boomers have always loved change.
That being the case, they should love the flexibility that Prudential Retirement's IncomeFlex(r) 401k product offers them.
The issue is how to introduce IncomeFlex to this 76 million-strong group. Prudential's answer is to team with The Newport Group. The two companies have entered into an external partner distribution agreement whereby Newport will offer IncomeFlex to its new and existing clients.
Christine Marcks, president of Prudential Retirement, which is a business of Prudential Financial Inc., said the arrangement with Newport "not only expands our footprint in the retirement market, it also provides American workers outside of our client base with the opportunity to receive the guaranteed minimum withdrawal benefits IncomeFlex can deliver."
IncomeFlex is designed for retirement plan participants who are at least 50 years old. It provides a guaranteed stream of lifetime income while allowing clients to maintain control over their assets and retain the potential to capture market growth. Unlike other retirement income products, such as traditional annuities, IncomeFlex does not rely on guaranteed annuitization. For an additional fee, a participant can add his or her spouse to the product account with no reduction in current benefit levels.
"Nearly 76 million baby boomers are contemplating retirement," said Mendel Melzer, Newport's chief investment officer. "They face a number of health, financial, and retirement challenges that are converging at once. IncomeFlex is the best product in the marketplace to provide a retirement income solution that will ensure plan participants don't outlive their assets, while allowing participants full access to their money."
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